If you can't work in a state of joy, don’t work at all.

Why is it that so many people are willing to tolerate work they don’t enjoy for the sake of a paycheck? I think it’s because most of them simply don’t know what it’s really like to be in love with their work. Their fear is greater than their power, so they never make the leap into the unknown to find out what it’s like to work from love instead of for money.

When you do work you dislike, you poison your output. If that is the only work you’re capable of doing, you’re better off doing nothing. If you cannot work in a state of joy, don’t work at all. Otherwise you’re doing more harm than good, both to yourself and others. No amount of money can compensate for that kind of damage.

Decide today and ask yourself, do you love your work? If not, then make a change, time is running out. If you are in love with “Equity Research”, if you are fascinated by numbers, if you want to make your career in the field of finance, if you want to learn the language of money, then join us. We are looking for such talent who has passion for equity research and integrity to work for a common goal.

We are pleased to inform you that we are going to conduct interviews for jobs and internship during 1st week of Aug 2010. HBJ Capital is currently looking for suitable candidates for the following positions…

#1. Equity Research Analyst - Knowledge of Indian equity market, sectors, stock specific & good analytical skill. More than skill & talent, it is you passion and integrity which we are looking for.
#2. Technical Analyst - Knowledge of various technical tools & charts with good co-relation and analytical skill.
#3. Corporate Consultants - Wide knowledge of India/Global economy, various sectors and impact of any political or economic change on corporate world.
#4. Marketing & Sales Associate - Experience in marketing financial products online or offline.

Walk-in interview will be conducted on the following date/time & venue…

Date: August 7th 2010
Time: 10:00 am [Result will be announced by 4pm IST]
Venue: #912, 1st "F" Main Road, Girinagar 2nd Phase, BSK 3rd Stage, Bangalore - 85
Land Mark: Near SAI Baba Temple in Girinagar 2nd Phase.

In case if you are willing to join our team, you can send your resume to Info@hbjcapital.com [those who has already sent their resume, need not re-sent] with subject line as "Position applied for - Equity/Technical/Corporate/Marketing".

Remember, we are not looking for just an employee but we are looking for someone who can become pillars of HBJ Capital, those who can come and join our hands to build a world class organization with innovation as a habit. We have an open invitation for all those who are in the profile mentioned above.

Note: All the above positions are open only for full time work at our Bangalore based corporate head office. Address: #912, 1st "F" Main Road, Girinagar Phase II, BSK 3rd Stage, Bangalore - 85.

Be the best version of you!

Regards

Somya Dixit, Associate, HBJ Capital Services Pvt. Ltd

SEIL (SE Investments Ltd) getting traction from SKS Microfinance IPO

Please click on the above image to access the report

It is now a bolt from the sky. Yes, i am speaking about SE Investments Ltd, the only listed MFI of considerable size currently. With the SKS Microfinance IPO, the name of SEIL is suddenly everywhere. Analysts on channels speak about this company, Brokerage reports speak about this company, even SBI Caps has come out with a BUY report on the company, its name is now present in all the discussion forums, there is a BUY rating on this counter, ppl call it a Multibagger and the price targets are flying around.

But, just rewind 8 months from now.

It was then a 100 Crore Market cap company. You will not find its name anywhere. Leave out SEIL, nobody knew there was a MFI listed on the exchanges. Even after index doubled from its Mar 2009 lows, this counter was lying in the dust not even recovering by 75%.

And that was the time the Multibagger package could see what it was really worth and what it can become. It selected SEIL as the 10in3 for the month of Nov 2009 and went ahead with its recommendations. And today, we are happy to see smiles on our customers who have created huge wealth with just this one counter.

It is not the case with SEIL alone. We try to do it with each and every 10in3. We try to come out with a wealth creating story with each and every recommendation. And i am pretty much sure that there are wonderful stories still lying around in our recommendations even after generating impressive returns.

And this does not really mean that we do not commit mistakes. If i were to tell you that all our recommendations have worked or will work, i am simply lying to you. Yes, we have committed mistakes as well. I am not entirely sure if these mistakes can be avoided, though we try to do it. But, we try make sure that the hits are exceptionally high and when something hits, it creates huge wealth.

To access the Multibagger Demo doc and the recent performance - Click HERE

$Multibagger package Team
Arun@hbjcapital.com

Telecom story is far from over and our 10in3 for the month of July 2010 will be a huge beneficiary

India has witnessed many revolutions of many kinds and we probably know a few among them. And these few like White revolution or Green revolution are something that happened in the Agri space and we probably know them only out of the text books. And when I speak about a revolution that you and I would have experienced and the one that I would vote as probably the most impact making, I would naturally side with Telecom revolution.

Telecom revolution is unique in a way that it proved all estimates wrong and made the most optimistic person with the most optimistic expectations finally look like a pessimist. Yes, during the late 90s when analysts were making projections, their assumption was that every 2 Wheeler owner would opt for a Mobile connection. But today on an average, there are less than 1 million 2 wheelers sold in a month and I believe last month, the telecom industry added more than 15 million subscribers.

While the subscriptions keep ringing, it’s altogether a different matter that the telcos are not in the best of their money making activities. Of course, you know they still continue to make 1000 s of crore in profits every quarter, but that’s how they call it. But, I don’t think things are really going to settle down this way.

More and more alternatives will be created and the companies will become more and more innovative and efficient. Already we have seen Bharti flying to Africa and we recently even witnessed the highly heated 3G and BWA auctions. Something or other, it could be a change in technology, could be a change in the type of services offered will keep things moving. And especially with the auction of 3G and BWA spectrum, the telcos will probably witness another round of growth.

It is expected that

There will be 10 million 3G connections by the first half of 2011. There will be 100 million 3G connection by the first quarter of 2014. The ARPU s for these services will be around 11 or 12 USD as against 4 or 5 USD for voice services. India is expected to close 2010 with 660 million subscribers. India is expected to have 1 billion subscribers by 2014. The rural teledensity is expected to go up from 14% currently to 40% in 3 years.

So, it’s not true that all is over for the Telecom industry. Things will change and things will move and lot of activities will happen.

So where am I going to find the 10in3 in the Telecom sector? During the great Gold rush in US, the ones who sold Shovels made lot of money than the ones who dug out gold. Yes, we have selected the one who is selling shovels : )

And to tell you something about the 10in3 or Street Smart, which are the core offering of Multibagger package, I have observed the following trend in the stocks –

They usually go up by 10% or 15% in a couple of weeks from recommendation

They cross the 50% mark in around 3 month time

They become a multibagger in around 6 month time.

Well, it’s only an observation and I believe that the trend continues with our July 10in3 as well.

$Multibagger package Team
Arun@hbjcapital.com

SKS Microfinance IPO – Should you invest?

I am quite sure that this particular IPO from SKS Microfinance has generated a lot of interests among the various market participants. This is really evident from the number of mails that I am receiving regarding this IPO. Of course, there is every reason for this IPO to generate interests and fanfare among retail investors especially.

Between, there is a general opinion among investors that the IPO is expensive. Yes, it is. There is no denying about that. But, the IPO is bound to be expensive and there was no other way.

George Soros, Sequoia Capital, NRN, Vinod Khosla and who else? If you were to include the anchor investors as well the list contains JP Morgan, Morgan Stanley, Goldman Sachs, BNP Paribas, Nomura, Reliance AMC, Birla Sun life AMC, ICIC I Prudential. So when was the last time we saw something of this kind?

Are there any other companies of this size into Microfinance sector listed in India or elsewhere? Can you think of any other 7000 Crore market cap company which has grown at a CAGR of 176% in the last 4 years and can probably grow at 100% this year? No, there is no company that I can really think of. So, let’s really stop cribbing the issue as expensive and see what’s in it for us.

There is altogether another group which speaks about ethics, super profits, profits from poor and all kind of non sense. These are basically the ones who stand challenged by SKS and its business model; these are the ones who envy the achievements of SKS and basically the ones who saw dust where SKS dug out gold.

SKS Microfinance is coming out with an IPO to raise around 1400 Crore at the lower band of 850 rupees per share and around 1650 Crore at the upper band of 985 rupees per share. The issue consists of a fresh issue of 74.4 lac equity shares and an offer of 93.46 lac existing equity shares from Sequoia Capital, SKS Mutual Benefit Trust, Kismet Microfinance and Mauritius Unitus Corporation. Retail investors get a discount of 50 rupees and one day more than institutions to subscribe to the offer. The offer closes on July 31^st for institutional investors and on August 2^nd of retail investors.

Leaving out all kind of ratios, numbers and projections that usually complicate things, let us take a look at quite a few things.

SKS is the largest MFI in India and had 2029 branches in 19 states at the end of the FY 10. The MFI has more than 60 lac members and has disbursed more than 10,000 Crore. SKS has the vast infrastructure in place that nobody else has. The kind of reach these guys have will give them an edge over their peers. While some MFI s look at saturating some region before entering another, SKS has concentrated on placing an infrastructure in place. With the branch network and reach in place and with money looking easy flowing, SKS is well placed to generate the maximum out of its infrastructure.

The cost to income of SKS has actually been coming down and the down trend is expected to continue. This would mean that the company can get more and more profitable going forward. It is to be noted that SKS is not really the most profitable MFI and this can change going forward. For instance, the net margins jumped from 14% in FY 09 to 18% in FY 10. With so many MFI s operating in the country across the length and breadth of it, penetrating a new territory and setting up of new infrastructure will prove costly going forward. And SKS need not really worry about this.

With the anchor book demand at 12 times the size of anchor book size, it clearly looks like the stock will trade at a price more than the upper band. At the looks of it, the company will command a market cap of 7500 Crore and that translates into 43 times FY 10 earnings. We expect the earnings to double in the current fiscal and that would mean that the stock would be available at 21 times current fiscal earnings which looks quite OK considering its leadership position and high growth rates that it can come out with. And if you were to look at the stock based on FY 11 earnings, it could be cheaper at 10 or 12 times. So, basically one can invest into this counter with at least a 1 year perspective.

$Multibagger package Team

Arun@hbjcapital.com

The Ace is ready!

Well, I am not playing a pack of cards with you. But, whats this ACE all about? I was actually meaning the 10in3 for this month. After traveling through several sectors, ideas, stories and stocks, we have selected a company from the Telecom industry as the 10in3 pick for the month of July 2010. It’s an interesting company and we believe there is an interesting story as well that will pan out going forward.

But, why did I call it an Ace? Well, Ace means high quality and excellence and that’s what eventually one can expect from Multibagger package. You don’t believe me yet? Ok, check out the Performance update of Multibagger package just below this article.

What more? Now, you can opt for Multibagger package on an offer. Yes, we are running 2 offers on Multibagger package.

Multibagger + Trading package offer - If you would like start with trading in the markets with professional help or if you want to change your trading service provider and looking for a good trading partner or if you have been an investor all the while but would like to try your hands with trading services, Offer 1 is best suited for you. Here, you get a 3 months of FREE services from SLT, our derivatives arm.

Fantastic 4 offer - Fine, you dont want to trade and you are basically a long term investor. You just want to start your subscription with a good bounty of wonderful investments ideas, then go for Fantastic 4 offer. To know more about Fantastic 4 offer, please click HERE.

And, yes let me remind you that today is the last day for these offers.

- The Multibagger Team

Multibagger package - Wealth creation unleashed

Mulitbagger package is not about just making some recommendation to you. Its all about experience and its all about the wealth creating experience that it can give you. Below, you can see how our picks (10in3, Street Smart and IV) have performed over the recent past. It has truly created a wealth creating experience for most of our customers and the performance has been definitely one of a kind.

10in3 and Street Smart -


The 5 bagger that you see above is SE Investments Ltd, our 10in3 for the month of Nov 2009. And let me tell you something here. We have already made this report public and the same can be accessed HERE

Inside Value performance -

We made 2 of the reports public from Inside Value stocks - Shakti pumps and Symphony Ltd. The report on Shakti Pumps can be accessed HERE and the report on Symphony can be accessed HERE.

And here is some good news for you !

If you were tracking us for a while to subscribe to our Multibagger package or if you are currently interested in subscribing to us, this could be your best time. Yes, we are running offers across the board on all our packages and there are 2 offers on Multibagger package.

To know about all the offers, please click HERE. Basically there are only 2 offers on Multibagger package, just for the reason to make it simpler for you -

Multibagger + Trading package offer - If you would like start with trading in the markets with professional help or if you want to change your trading service provider and looking for a good trading partner or if you have been an investor all the while but would like to try your hands with trading services, Offer 1 is best suited for you. Here, you get a 3 months of FREE services from SLT, our derivatives arm.

Fantastic 4 offer - Fine, you dont want to trade and you are basically a long term investor. You just want to start your subscription with a good bounty of wonderful investments ideas, then go for Fantastic 4 offer. To know more about Fantastic 4 offer, please click HERE.

To Know more about Multibagger package, click HERE

$Multibagger team

Fantastic 4 offer – Just 4 investment ideas, cherry picked for you

Well, most of you must be aware that we are currently running offers on the packages that we provide across the board. And, if you have not seen that yet, please visit the link HERE. The last time, we ran an offer of this scale across all our services was somewhere like 4 to 5 months back.

Like other services and packages that we provide, there are quite a few offers on Multibagger package as well. And one of the very interesting offers is Fantastic 4 offer. You could think what the hell is so fantastic with these 4 stocks and why only 4 stocks are being provided on offer.

Well, there are clearly reasons behind. I don’t have any problems in putting all our previous 10in3 or say all our Inside Value picks on offer. I could have easily done that and it does not really affect my cost dynamics as well.

But Sir

What’s the point in loading you with 10 stocks or 20 stocks at once?

Do you really want to take the headache of selecting which one you should invest in?

You can’t really invest in all the counters. And if you were to do so, it’s just going to be very small amount into each of the counters, which will make the investment unworthy.

So, that’s exactly the reason, we have taken that extra effort and have cherry picked some of the best investment ideas out of HBJ Capital’s Multibagger package.

And that is why I call it Fantastic 4.

Ok, now you know what this Fantastic 4 is all about and why we are providing just 4 ideas for you. So, what are the ideas? For the benefits of the ones who would like to go for this offer, here is a short write up on these 4 investment ideas –

Fantastic Idea 1 – This is one of the craziest ideas (read interesting) that we have come out with. We came out with this idea as a 10in in February and it has appreciated by around 80% from our recommendation price. Potentially speaking, there is a huge upside left. The opportunity is about Mobile Internet space which is ready to boom in India, especially with the introduction of 3G services. This company is well recognized and has promoters who are smart with deep pockets.

And, you know the problem with this company is I can’t really go about giving many details since that is as good as giving you the company name. And believe me, the investment report is one of the best that we have created. To know more on the opportunity, check out these links – LINK 1 and LINK 2

Fantastic Idea 2 – This is one of the recent recommendations that we have come out with. This is again one of the 10in3 ideas and this one is from the Education space. This company has presence right from pre schools to colleges and that makes this company a unique story. This company is poised for 100% earnings growth for at least 2 years from now.

This one was out only last month and has appreciated just 10% from our recommendation price. To know more about the opportunity, click HERE

Fantastic Idea 3 – Who doesn’t like Alcohol nowadays? Well, I am speaking from investment point of view : ) This opportunity is into alcoholic beverages and is a strongly growing player. Let me be frank with you – They don’t have highly respectable and established brands, they do not have a large institutional holding, they don’t command a very high valuation like UB. But, that’s what you need right now and whatever I said were missing would just fall in place, years down the line.

This is one of our recent Street Smart and has appreciated by 40% from our recommendation and the momentum is strong currently and it could add another 40% in less than 6 months itself. To know more about this opportunity, click HERE

Fantastic Idea 4 – This is one of the interesting ideas from the Oil and Gas industry. This company is into Oil productions and has considerable amount of proven reserves. The company is working on various activities that will increase the production by quite a few times and that’s where the growth for this company is going to come from.

This was recommended somewhere last year by October I believe and has not really moved much from the recommendation price. It has appreciated only by around 15% from the recommendation price. However, we continue to be really positive on this company.

Well, that’s it from my side. I continue to believe fewer is beautiful when it comes to investing in stocks. And that’s precisely the reason, why we have handpicked opportunities from a basket of wide variety of stocks from the Multibagger package.

$Multibagger package Team

Arun@hbjcapital.com